SENATE BILL 301

52nd legislature - STATE OF NEW MEXICO - first session, 2015

INTRODUCED BY

Michael Padilla

AN ACT

RELATING TO EARLY CHILDHOOD EDUCATION; CREATING THE EARLY EDUCATION ENDOWMENT FUND AND THE EARLY CHILDHOOD EDUCATION AND HOME VISITATION FUND; MAKING AN APPROPRIATION.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. [NEW MATERIAL] EARLY EDUCATION ENDOWMENT FUND CREATED--EARLY CHILDHOOD EDUCATION AND HOME VISITATION FUND CREATED.--

          A. The "early education endowment fund" is created as a nonreverting fund in the state treasury. The fund consists of money that is credited to the fund pursuant to Subsection C of this section, appropriations, money otherwise accruing to the fund and income from investment of the fund except as provided in Subsection D of this section.

          B. The "early childhood education and home visitation fund" is created as a nonreverting fund in the state treasury. The fund consists of money that is credited to the fund pursuant to Subsection D of this section, appropriations, income from the investment of the fund and money otherwise accruing to the fund. The children, youth and families department shall administer the fund, and money in the fund is appropriated to the children, youth and families department to provide for nonsectarian early childhood education services for the benefit of children who are prenatal through five years of age. Money in the fund shall be disbursed on warrants signed by the secretary of finance and administration pursuant to vouchers signed by the secretary of children, youth and families or the secretary's authorized representative.

          C. Notwithstanding reversion provisions of general appropriation acts or other laws, at the end of each fiscal year, the balance of all agency general fund appropriations that are set for reversion shall be credited to the early education endowment fund.

          D. Fifty percent of the amount deposited in the early education endowment fund at the end of each fiscal year shall be distributed to the early education and home visitation fund. At the end of each fiscal year, any income from investment of the early education endowment fund shall be distributed to the early education and home visitation fund.

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2015.

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